Gannett Co Inc. said Monday it was launching a bid to acquire Tribune Publishing Company for $12.25 a share in a deal valued at about $815 million.
The all-cash bid represents a premium of 63 percent to the closing share price of Tribune Publishing on April 22.
Promoted Stories from politicsChatter
America’s political dynasties
Politicians who served time
19 things to know about FOX News anchor Megyn Kelly
A Gannett release indicates that Tribune Publishing has so far rejected the offer and refused to “begin constructive discussions.”
The deal includes Gannett, which publishes USA Today, assuming about $390 million in Tribune Publishing debt.
Robert J. Dickey, president and chief executive officer of Gannett, said in a statement: “We believe Tribune shares the new Gannett’s unwavering commitment to journalistic excellence and delivering superior content on all platforms. In this respect, the proposed combination of Gannett and Tribune would bring together two highly complementary organizations with a shared goal of providing trusted, premium content for the readers and communities we serve.”
More details to come.
The all-cash bid represents a premium of 63 percent to the closing share price of Tribune Publishing on April 22.
Promoted Stories from politicsChatter
America’s political dynasties
Politicians who served time
19 things to know about FOX News anchor Megyn Kelly
A Gannett release indicates that Tribune Publishing has so far rejected the offer and refused to “begin constructive discussions.”
The deal includes Gannett, which publishes USA Today, assuming about $390 million in Tribune Publishing debt.
Robert J. Dickey, president and chief executive officer of Gannett, said in a statement: “We believe Tribune shares the new Gannett’s unwavering commitment to journalistic excellence and delivering superior content on all platforms. In this respect, the proposed combination of Gannett and Tribune would bring together two highly complementary organizations with a shared goal of providing trusted, premium content for the readers and communities we serve.”
More details to come.
No comments:
Post a Comment